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Income Tax

When you can’t claim office rent as business expenditure for tax calculation

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Any expenses incurred in the running of business is tax deductible if it's not specifically disallowed or certain tax provisions are not satisfied. Similarly, office rent incurred by your business can be deducted as a business expenditure if provisions of income tax act, 1961 is satisfied.In this article, we will discuss certain situations where you can't claim office … [Read more...] about When you can’t claim office rent as business expenditure for tax calculation

Top 20 reasons why income tax PAN is a must for Indians

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PAN stands for permanent account number. PAN is a 10 digit alphanumeric number issued by income tax department to the applicant who has submitted form 49B along with documents.Also Read: How to get instant PAN onlineYou can apply for a PAN at any point of time. Once issued, it's valid for your entire life.However, you can not hold more than one income tax permanent … [Read more...] about Top 20 reasons why income tax PAN is a must for Indians

Cash payments can be disallowed for business tax calculation

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Expenses can be paid in cash or by using any banking mode. If it's not specifically disallowed for calculating business tax liability, then you need to check whether the business expenditure is paid in cash or banking mode.Government has taken initiative to discourage cash payments for businesses.If aggregate payments in respect of a expenditure is made to a person in a … [Read more...] about Cash payments can be disallowed for business tax calculation

Tax benefits on home loan – All you need to know

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Home loan not only helps you owning your dream house but also offer several tax benefits if you plan wisely. It's important to understand all such tax benefits before applying for a home loan.You can claim following tax benefitsTax deduction for Principal amount paid for repayment of home loanSection 80C of income tax act 1961 allow an individual and HUF to claim … [Read more...] about Tax benefits on home loan – All you need to know

5 best risk free tax saving investments for salaried individuals

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Risk free tax saving investments helps to save tax in addition to guaranteed return. It not only keep your money safe but also help you achieving your long term financial goals.You can invest in any market linked securities such as equity or debt, but return from these investments are not fixed.Return from market linked securities depends on the underlying security and … [Read more...] about 5 best risk free tax saving investments for salaried individuals